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City unveils $1.5 billion six‑year capital asset plan, staff flag a funding shortfall
Summary
City staff presented a six‑year general‑fund capital asset plan covering FY2027–2032 totaling $1.5 billion, intended to prioritize renewal and targeted investments across buildings, parks and transportation; staff noted projected revenues do not meet the total and showed a funding shortfall.
Marybeth (speaker 20), representing the capital asset planning team, presented the city's first comprehensive six‑year capital asset plan covering fiscal years 2027 through 2032 with a total cost projection of $1.5 billion. The plan aims to protect and renew existing assets and make targeted investments to support growth and service needs.
Marybeth summarized the plan development process and the CAP committee’s role in integrating master plans and departmental inputs into a single prioritization framework. "This plan has taken 3 years to complete, and I'm incredibly proud of what city has accomplished," she said. The presentation included a breakdown by asset type (buildings, parks, transportation), an FY27 funding snapshot (including $165M currently in the CIP fund and an identified mix of general fund, transportation, impact fee and bond sources) and a projected shortfall over the six‑year horizon.
Staff emphasized the plan will be updated annually and will feed into the CIP process; they also recommended considering metrics to measure CAP plan success and review project prioritization criteria to ensure equitable distribution. Council members thanked staff and asked for additional review time on the plan details; there was no formal action during the briefing.
